NEW YORK — Lawyers representing Purdue Pharma, the maker of OxyContin, along with the Sackler family that owns it, are expected to present a unified front before a bankruptcy court judge on Friday, urging him to approve their plan to settle a multitude of lawsuits related to the opioid crisis. This settlement could potentially close the chapter on a drawn-out legal battle tied to an epidemic that has caused nearly 900,000 deaths in the U.S. since 1999.
Since Purdue filed for bankruptcy six years ago, the discussions surrounding their fate have culminated in a hearing currently in progress where the terms of the settlement are under scrutiny. If approved by U.S. Bankruptcy Judge Sean Lane, the plan indicates a substantial consensus among a variety of stakeholders.
The opposition has decreased significantly this time around, with only 218 out of over 54,000 affected individuals voting against the settlement. This agreement not only addresses financial reparations but also enforces changes in the family's future involvement in opiate production and aims to make company documents public.
The Sackler family members, despite their substantial wealth rumored to be in the billions, will contribute up to $7 billion as part of this deal and relinquish ownership of Purdue Pharma. Critics continue to voice concerns, emphasizing that victims should be prioritized over states and municipalities in the distribution of settlement funds. As part of the settlement, $850 million is earmarked for individuals harmed by Purdue's opioids, with specific allocations for children affected by opioid withdrawal.
New commitments to address the opioid crisis will be instituted, and the consequences of this bankruptcy agreement are poised to be far-reaching, fostering change within Purdue as they work toward mitigating the fallout of their past actions. While many look forward to the resolution, the implications undergird the ongoing struggle against opioid addiction in America.
